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To: jbn3 who wrote (40979)	5/8/1998 11:46:00 AM
From: Ben Antanaitis	Read Replies (1) \| Respond to of 176387

jbn3, All the pain, ie the total value of all the MAY'98 puts and calls over a price range spectrum, is represented in the graph. Just look at the Y-Axis for any given potential closing price, X-Axis, and voila the pain is shown. That's is what the graph hopes to show, how much the total value of all the open interest would be at each possible closing price of the stock. The effect has been, for many other stocks not being influenced by news, momentum, Greenspan, Gates, etc. that the stock price seems to be 'attracted' to the Max-Pain point (the minimum point on the curve). The calculation/theory is completely explained in the worked out example accessible by selecting the link at the bottom of the Max-Pain selection table. Ben A.

To: jbn3 who wrote (40979)	5/8/1998 11:50:00 AM
From: Walt Corey	Read Replies (2) \| Respond to of 176387

re: MaxPain could either of you enlighten me? <eom>

To: jbn3 who wrote (40979)	5/8/1998 2:03:00 PM
From: Christian Horner	Respond to of 176387

Given that there will be "pain" for the DELL price going toward the May 16 exp. date, the question then becomes: Will the bottom price it reaches prior to expiration next week be greater or less than the price today? I can easily see a run up early next week in anticipation of strong earnings to, let's say, 95. Does the options expiration "pain" take it back below 90 (price today)? I'm trying to decide when to buy June 90 calls and would greatly appreciate any insight. When, on average, does this pain start materializing? So many questions, so little timing.